The National Company Law Tribunal (NCLT) has approved a repayment plan for Zee Group Founder and Chairman Subhash Chandra under which creditors will receive only ₹6.5 crore against admitted claims of around ₹22,006.57 crore. This amounts to a haircut of nearly 99.97 per cent for lenders, news agency PTI reported.
NCLT Member (Judicial) Nilesh Sharma, acting as the third member of the tribunal, approved the plan under Section 114 of the Insolvency and Bankruptcy Code (IBC) on Tuesday. He rejected objections from lenders who argued that the proposed recovery was too small to justify approval.
Tribunal rejects lenders’ objections
The case had earlier resulted in a split decision between two NCLT members. Following the…